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  "documentTitle": "Realty Income Corp (O)",
  "authorId": "54_Spruce_Point_Capital",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-02-07 00:00:00",
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  "pageNumber": 18,
  "pageCount": 46,
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  "slideType": "expose_contradiction",
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  "density": "dense",
  "nDataPoints": 35,
  "notes": "The slide uses a bridge-style reconciliation to expose that the company's reported SSR figures mask underlying vacancy issues.",
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      "kind": "callout",
      "text": "Vacancies Removed From O Realty's 2016 SSR",
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      "text": "We rebuilt the 2016 SSR pool by beginning with 2015 SSR pool and then adjusting for acquired properties and properties released after a period of vacancy to arrive at proper comparison to the prior year.",
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      "text": "Same Property Revenue: 91",
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      "text": "We rebuilt the 2016 SSR pool by beginning with 2015 SSR pool and then adjusting for acquired properties and properties released after a period of vacancy to arrive at proper comparison to the prior year.",
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      "kind": "source-note",
      "text": "Sources: 2015 10K, Supplements – 4Q14, 4Q15, 1Q16, 2Q16, 3Q16, 4Q16 (1) Missed revenue opportunity from vacancies is imputed in order to tie to Realty Income's 2016 SSR Pool",
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      "text": "Quarterly breakdown of vacancies removed from O Realty's 2016 SSR.",
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      "text": "Reconciliation table of 2015 to 2016 SSR pool properties and revenue.",
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      "kind": "title",
      "text": "Same Property Revenues Are Declining, Not Growing As O Realty Portrays (cont'd)",
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      "evidence": "Evidence of A Deteriorating Business Model, Same Property Revenues Are Declining, Not Growing As O Realty Portrays, etc.",
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